Federal Reserve’s Preferred Inflation Metric Ticks Up as Services Fuel Price Pressures

‘Will this cause the Fed to skip December? We think it should,’ said Nancy Tengler, CEO and CIO at Laffer Tengler Investments.
Federal Reserve’s Preferred Inflation Metric Ticks Up as Services Fuel Price Pressures
People shop at a grocery store in New York City on Aug. 14, 2024. Spencer Platt/Getty Images
|Updated:
0:00

The Federal Reserve’s preferred inflation measure—the personal consumption expenditure (PCE) price index—edged up in October as services continued to fuel price pressures.

According to the Bureau of Economic Analysis (BEA), annual PCE price index inflation rose to 2.3 percent last month from 2.1 percent in September. The index jumped by 0.2 percent monthly and aligned with the consensus forecast.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."